Oct 17, 2013 at 8:54 am
A program designed to assist low income residents purchase a home in grand forks may be shown the door. Administrators say the down payment and closing cost assistance program has not been used since it was adopted this past spring. The city council set aside 420-thousand dollars in HOME funds to support D-C-A. community development manager merideth richards blames the demise on low-income limits mandated by HUD…changes in the mortgage lending industry…and limited inventory of homes in grand forks marke.
HOME funds are limited to affordable housing activities. richards told finance members this week that not spending the money can send a bad message to the state. The department will look for other so-called shovel ready projects that could benefit from the unused cash.